The DC Young African Professionals’ SME Pitch Workshop at Impact Hub DC brought together teams of young African startups to network, practice their elevator pitches, and get pro-tips from some of the diaspora’s most successful entrepreneurs and investors. As part of IdEA Global Diaspora Week, event co-sponsors the U.S.-Africa Chamber of Commerce, emphasized the need for investors to focus on small and medium-sized businesses to help them grow and expand into new markets.
So before you take that next meeting, here are 5 things you should know…
- Be confident
If you want investors to believe in your business, you need to first believe in yourself and your team.
- Know the problem, don’t just have a ‘solution’
Investors want to know you understand your market and that you’re solving a problem customers are facing, not just inventing a solution to a problem that may not exist.
- Tell a ‘good story’
Your pitch should not just be about projected revenue or your customer base. It needs to connect with investors on a level that helps them understand why your business and your team is one they should support.
- Prototype your product
Having a working prototype you can demonstrate can go a long way toward convincing investors of the potential of your business – just be sure not to over-promise on what your team can deliver.
- Develop strong relationships
Get out and meet with customers, understand their needs. Build a network of entrepreneurs and mentors who will help you through the challenges you’ll face as you grow your business from a local startup to global leader.
U.S.-Africa Chamber of Commerce
online at https://www.uschamber.com/africa
IdEA – the International Diaspora Engagement Alliance
online at http://www.diasporaalliance.org/